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Annual Report


Annual Report 2013 Cover

Reviews the Bank's operations and includes the article "Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's first 100 Years"

Message from the President

Jeffrey M. Lacker discusses financial stability, the topic of this year's feature essay.


Feature Essay: "Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's first 100 Years"

President Jeffrey Lacker and Research Publications Content Manager Renee Haltom explore the Fed's role in financial stability. Following the global financial crisis of 2007-08, the Fed has been given enhanced regulatory responsibilities to prevent future crises. However, most of the Fed's actions in pursuit of financial stability have historically come through emergency lending once crises are underway. The authors conclude that arguments in favor of emergency lending are based on erroneous readings of history. Instead, emergency lending may undermine financial stability, as well as the Fed's core mission of providing monetary stability.

Message from Management

First Vice President Mark L. Mullinix discusses how the Richmond Fed's regional and national roles enhance the Bank's contributions to the Fifth District and the Federal Reserve System.


Fed Spotlight

The Richmond Fed is making a more concerted effort to connect its workforce development initiatives.


Fifth District Economic Report

A summary of economic conditions in the Fifth District during 2013.


Boards of Directors and Advisory Councils

Photos and listings of the Bank's boards of directors and advisory councils.


Officers and Senior Professionals

Photo of the Bank's Management Committee and listing of officers and senior professionals.


Financial Statements

Comparative financial statements for 2013, management's report on internal control over financial reporting, and the independent auditors' report.


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